Investment Rating - The report maintains a "Buy" rating for the company with a target price of 34.35 CNY over the next six months [1][12]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 10-12 billion CNY in H1 2024, representing a year-on-year increase of 64.95%-97.94% [2]. - The strong demand for semi-steel tires and export markets is anticipated to continue, with domestic tire production and consumption remaining robust [2][3]. - The company's Moroccan project is projected to alleviate capacity constraints and enhance growth potential, with production expected to commence in Q4 2024 [3]. Financial Performance - For Q2 2024, the company expects a net profit of 4.96-6.96 billion CNY, a year-on-year increase of 39.33%-95.51% [2]. - The average price index for tire raw materials increased by 6.5% from Q1 to Q2 2024, indicating manageable cost pressures [2]. - The company’s revenue is projected to grow from 95.18 billion CNY in 2024 to 145.05 billion CNY in 2026, with a compound annual growth rate of 34% for net profit from 2024 to 2026 [3][11]. Production Capacity and Market Demand - The company currently has a semi-steel tire production capacity of 28 million units per year and is expanding with a new facility in Morocco [3]. - The operating rate for semi-steel tires was reported at 79.4%, indicating strong demand, while the operating rate for all-steel tires was lower at 62.2% [2]. Valuation Metrics - The report suggests a price-to-earnings (PE) ratio of 15 for 2024, which is favorable compared to the average PE of 10 for comparable companies in the tire industry [12][13]. - The expected earnings per share (EPS) for 2024 is projected at 2.29 CNY, increasing to 3.20 CNY by 2026 [11].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 33.30 [4]. Core Views - The company is expected to achieve a net profit attributable to shareholders of RMB 1.0-1.2 billion for H1 2024, representing a year-on-year growth of 65%-98% [1]. - The company has seen strong demand for its high-quality semi-steel tires in overseas markets, particularly in Europe and the United States, where orders are in short supply [2]. - The Moroccan project is progressing well, with plans to commence production in Q4 2024, contributing an additional capacity of 12 million semi-steel tires [3]. Summary by Sections Financial Performance - For H1 2024, the expected net profit is RMB 1.0-1.2 billion, with a growth rate of 65%-98% year-on-year. The Q2 net profit is projected to be RMB 500-700 million, reflecting a year-on-year increase of 40%-97% [1]. - The company has revised its profit forecasts for 2024-2026, now expecting net profits of RMB 2.28 billion, RMB 3.0 billion, and RMB 3.49 billion respectively [1]. Market Demand - The company’s semi-steel tire products are experiencing strong demand in the U.S. and European markets, with U.S. imports of semi-steel tires increasing by 10% year-on-year in the first five months of 2024 [2]. - The company achieved a tire production volume of 8.0757 million units in Q1 2024, a year-on-year increase of 28%, and sales of 7.6071 million units, up 16% year-on-year [2]. Project Developments - The Moroccan project is on track, with the company aiming for production to start in Q4 2024, which will add 12 million units of semi-steel tire capacity [3]. - The company’s Thai facility has received a favorable anti-dumping tax rate from the U.S. Department of Commerce, enhancing its competitive position in international markets [2].

证 券 2024 年 07 月 10 日 研 究 报 告 公 司 研 究 2024H1 净利同比高增,持续推进国际化产能布 局 —森麒麟(002984.SZ)公司事件点评报告 森麒麟发布业绩预告:预计 2024 年半年度实现归母净利润 10 亿元到 12 亿元,同比增加 64.95%到 97.94%;扣非归母净 利润 10 亿元到 12 亿元,同比增加 71.5%到 105.8%。单二季 度实现归母净利润为 4.96-6.96 亿元,同比增加 39%到 96%; 环比增加-2%到 38% 投资要点 ▌海外市场需求旺盛,降本增效助力业绩提升 在海外市场,公司高品质、高性能半钢胎产品在欧美轮胎市 场订单需求持续处于供不应求状态,同时公司持续稳健开拓 具备高增长潜力的国内市场。公司持续进行内部流程再造, 最大限度地实现人员、设备、软件的有机结合,不断提升适 应公司智能制造模式的管理水平,最大程度地释放智能制造 的效应,不断实现降本增效,人均效益、生产效率、产品品 质提升,与公司智能制造相匹配的精细化管理模式进一步提 升了公司盈利能力。与此同时,森麒麟泰国取得美国商务部 对泰国乘用车和轻卡轮胎反倾销调查第一次年度行政 ...

Investment Rating - The report maintains a "Recommended" rating for the company with a current price of 24.01 CNY per share [3][4]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 1.00 to 1.20 billion CNY for the first half of 2024, representing a year-on-year increase of 64.95% to 97.94% [3]. - The company's "833plus" strategy is progressing steadily, with ongoing investments in smart manufacturing facilities in Spain and Morocco, which will enhance its production capacity [3][4]. - The reduction of anti-dumping duties on tires produced in Thailand is anticipated to improve the company's profitability and competitive position in the market [4]. Financial Forecasts - Revenue projections for 2024-2026 are 9.745 billion CNY, 11.661 billion CNY, and 13.497 billion CNY, respectively, with corresponding net profits of 2.212 billion CNY, 2.483 billion CNY, and 2.838 billion CNY [4][5]. - The expected earnings per share (EPS) for 2024-2026 are 2.15 CNY, 2.42 CNY, and 2.76 CNY, with price-to-earnings (PE) ratios of 11, 10, and 9, respectively [4][5]. - The company's gross margin is projected to improve from 25.21% in 2023 to 30.66% in 2024, while the net profit margin is expected to rise from 17.45% to 22.70% in the same period [6][7]. Production Capacity and Global Expansion - The company has established a total planned production capacity of 40 million semi-steel tires and 2 million all-steel tires overseas, which will account for 74% and 100% of its total capacity, respectively [3][4]. - The ongoing construction of the second phase of the Moroccan project is expected to further enhance the company's production capabilities [3].

Financial Performance - The company expects a net profit attributable to shareholders of between 100,000 million and 120,000 million yuan, representing a year-on-year growth of 64.95% to 97.94%[3] - The net profit after deducting non-recurring gains and losses is projected to be between 100,000 million and 120,000 million yuan, with a year-on-year growth of 71.50% to 105.80%[3] - Basic earnings per share are expected to be between 0.97 yuan and 1.17 yuan, compared to 0.93 yuan in the same period last year[3] - The financial data presented is preliminary and has not been audited by an accounting firm, urging investors to exercise caution[6] Production and Capacity Expansion - The company is actively expanding its production capacity, with the Morocco factory on track to commence operations in Q4 2024, which will enhance its competitive strength[5] - The company has achieved a minimum anti-dumping tax rate of 1.24% for its products in Thailand, indicating strong compliance and international competitiveness[5] - Demand for high-quality semi-steel tires in the European and American markets remains strong, with orders exceeding supply[5] Strategic Focus and Development - The company is focused on enhancing its smart manufacturing capabilities and refining management processes to improve profitability and production efficiency[4] - The company aims to become a world-class tire brand and enterprise, with a clear vision for future development[5] - The company is committed to continuous high-end research and development to support its growth strategy[5]

| | | 青岛森麒麟轮胎股份有限公司 关于完成工商变更登记并换发营业执照的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 青岛森麒麟轮胎股份有限公司（以下简称"公司"）于2024年6月17日召开第三届 董事会第二十九次会议、于2024年7月3日召开2024年第四次临时股东大会，审议通过 了《关于变更注册资本、增加经营范围并修订<公司章程>的议案》。具体内容详见公司 披露于巨潮资讯网（www.cninfo.com.cn）的相关公告。 法定代表人：秦龙 经营范围：一般项目：轮胎制造；轮胎销售；橡胶制品销售；化工产品销售(不含 许可类化工产品)；货物进出口；技术进出口。(除依法须经批准的项目外，凭营业执照 依法自主开展经营活动)许可项目：海关监管货物仓储服务(不含危险化学品、危险货 物)。(依法须经批准的项目，经相关部门批准后方可开展经营活动，具体经营项目以相 关部门批准文件或许可证件为准) 注册资本：壹拾亿零贰仟捌佰零伍万零贰佰陆拾元整 成立日期：2007年12月04日 住所：山东省青岛市即墨区大信街道天山三路5号 特此公告。 青岛森麒麟轮胎股份有限公司董 ...

德恒上海律师事务所 关于青岛森麒麟轮胎股份有限公司 2024 年第四次临时股东大会的 法律意见 上海市虹口区东大名路 501 号白玉兰广场 23 层 电话：021-55989888 传真：021-55989898 邮编：200080 德恒上海律师事务所 关于青岛森麒麟轮胎股份有限公司 2024 年第四次临时股东大会的 法律意见 德恒 02G20230185-00009 号 致：青岛森麒麟轮胎股份有限公司 青岛森麒麟轮胎股份有限公司（以下简称"公司"）2024 年第四次临时股 东大会（以下简称"本次会议"）于 2024 年 7 月 3 日（星期三）召开。德恒上 海律师事务所（以下简称"本所"）受公司委托，指派谢强律师、胡宝月律师（以 下简称"本所律师"）出席了本次会议。根据《中华人民共和国证券法》（以下 简称"《证券法》"）、《中华人民共和国公司法》（以下简称"《公司法》"）、 《上市公司股东大会规则》（以下简称"《股东大会规则》"）、《青岛森麒麟 轮胎股份有限公司章程》（以下简称"《公司章程》"）的规定，本所律师就本 次会议的召集、召开程序、出席会议人员资格、召集人资格、表决程序、表决结 果等相关事项进行见证 ...

证券代码：002984 证券简称：森麒麟 公告编号：2024-084 债券代码：127050 债券简称：麒麟转债 青岛森麒麟轮胎股份有限公司 2024年第四次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会未出现否决议案的情形； 2、本次股东大会不涉及变更前次股东大会决议。 一、会议召开和出席情况 1、召开时间 （1）现场会议时间：2024年7月3日（星期三）14:30 （2）网络投票时间：2024年7月3日（星期三） 通过深圳证券交易所交易系统进行网络投票的具体时间为2024年7月3日9:15 －9:25，9:30－11:30 和 13:00－15:00。 通过深圳证券交易所互联网投票系统(http://wltp.cninfo.com.cn)进行网络 投票的具体时间为2024年7月3日9:15至15:00期间的任意时间。 2、现场会议召开地点：山东省青岛市即墨区大信街道天山三路5号公司会议 室。 （1）股东出席的总体情况：通过现场和网络投票的股东及股东授权代表31人， 代表有表决权股份527,678,056股 ...

| 证券代码：002984 | 证券简称：森麒麟 | 公告编号：2024-083 | | --- | --- | --- | | 债券代码：127050 | 债券简称：麒麟转债 | | 青岛森麒麟轮胎股份有限公司 关于股东权益变动的提示性公告 股东林文龙先生保证向本公司提供的信息内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 一、本次权益变动基本情况 | 股东名称 | 减持方式 | 减持期间 | | 减持均价 （元/股） | | 减持数量（股） 减持比例（%） | | --- | --- | --- | --- | --- | --- | --- | | 林文龙 | 集中竞价交易 | 2024 年 6 | 月 4 日-6 月 21 日 | 25.71 | 1,592,820 | 0.15 | | | 大宗交易 | 2024 | 年 6 月 20 日 | 23.27 | 1,171,400 | 0.11 | | | | 合计 | | | 2,764,220 | 0.27 | 1、股东减持股份情况 注：合计与各分项之和的尾数之差异， ...

| 证券代码：002984 | 证券简称：森麒麟 | 公告编号：2024-082 | | --- | --- | --- | | 债券代码：127050 | 债券简称：麒麟转债 | | 青岛森麒麟轮胎股份有限公司 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： | 证券代码：002984 | | | | 证券简称：森麒麟 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 债券代码：127050 | | | | | | 债券简称：麒麟转债 | | | | | | 转股价格：人民币 | 20.16 | | 元/股 | | | | | | | | | 转股期限：2022 年 | 5 | 月 | 17 日至 | | 2027 | 年 | 11 | 月 | 10 | 日 | 关于2024年第二季度可转换公司债券转股情况的公告 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管 指引第 15 号——可转换公司债券》的有关规定，青 ...